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The new owner of sports car company Fisker is moving forward with plans for its plug-in hybrid car, but it will be leaving the Fisker name behind.

When the new car is launched, it will carry the name Elux Karma, according to sources interviewed by Reuters.

The sources also said the car will be later and more expensive than previously thought. When the Elux Karma arrives in mid-2016 – a year past its anticipated launch date – the car will be priced around $135,000. This is 20-percent more expensive than the last Karma, which cost $97,000 during its final 2012 production run.

Last year, Wanxiang Group Corp purchased Fisker during a bankruptcy auction for $149.2 million. Included with Fisker’s assets were two factories, one in Delaware and one in Finland. The plant in Finland has been scratched off the list to build the new Karma, said sources.

Wanxiang meanwhile has been tight-lipped about the name change and the Karma’s ongoing development. It’s no secret, though, that Wanxiang chairman and founder Lu Guanqiu plans on seeing the car through to the end, no matter the cost.

“I’ll put every cent that Wanxiang earns into making electric vehicles,” Guanqiu said last May. “I’ll burn as much cash as it takes to succeed, or until Wanxiang goes bust.”

Sources said that some of these funds are currently being spent on hardware updates and possibly a new battery pack.

Another Wanxiang company is most likely working closely on the hybrid’s battery development. In 2013, Wanxiang purchased A 123 Systems, which had supplied batteries for the Fisker Karma.